The student-fee-driven Fall Concert Fund is in a $32,359 deficit following this past year’s $54,000 Homecoming concert.
The Fall Concert Fund is one of the six accounts in Student Government’s Programming, Support and Initiatives Fund. The PSIF is funded by a $5.50 fee assessed each semester on full-time students. Of each $5.50 fee, 30 cents is contributed to the Fall Concert Fund. Other PSIF accounts help fund events like Groovin’ on the Grounds and Late Night in the Student Union.
Before Homecoming 2006, the Fall Concert Fund stood at $14,042. This past fall, the Homecoming Committee requested $54,000 for the concert, which was approved by the PSIF Committee. This withdrawal led to an overdraft of $39,958.
The account stands at $32,359 following the influx of $7,599 in fall student fees.
The revenue for all PSIF funds, based off student fees, can fluctuate depending on enrollment. The Fall Concert Fund typically receives between $13,000 and $15,000 each year, which means it may be two or more years before the account gets out of debt.
Rachel Schott, SG director of finance and last year’s PSIF committee chairwoman, said there will be a homecoming event this year despite the deficit. The funding for the event may come from the Paid Admissions Concert Fund, another account within the PSIF.
Donna Torres, associate vice chancellor for Accounting and Financial Services, said the overdraft was not immediately noticed and did not become apparent until June, the end of the 2006-2007 fiscal year.
Though the Fall Concert Fund was overdrawn, the total 2006-2007 SG budget was not exceeded.
“In total, SG did not overspend,” Torres said.
In recent years, much less money was typically requested from the Fall Concert Fund.
The Homecoming concerts in 2003 and 2005 both approached a $30,000 price tag, but the 2004 concert requested only $8,500 from the PSIF.
Melinda Rome, graduate student and this past year’s Homecoming Committee chairwoman, said the increased cost was an attempt to bring acts that would generate more student interest.
“I know we hadn’t had a big concert act in a while,” Rome said. “That’s why last year we wanted to bring a big concert to LSU.”
Rome said the Homecoming Committee sent the $54,000 funding request to the PSIF Committee, where it was approved.
“When they approved us we were under the impression we had that amount,” Rome said.
Schott said there were a few reasons the budgeting error was not noticed.
“I think one of the main issues was that we had just set up a new accounting system,” she said. “I think that caused a lot of the problems we’re seeing right now.”
Schott said neither the involved students nor the administrative advisers were entirely familiar with the new system.
“What should have happened is when SG looked to approve the funding, someone should have looked to see how much money was available to be spent,” Torres said. “That did not occur.”
—-Contact Daniel McBride at [email protected]